I purchased a used Prius (love it) 05 which was bought from PA by a dealer in CA with less than 5k on it. Will I be able to get any kind of tax break on this come January ?
<div class='quotetop'>QUOTE(dipper @ Jul 10 2006, 11:20 AM) [snapback]283949[/snapback]</div> But what if that owner did not file for the credit ? Is their anyway I can check to see if it was issued for it ? or Does it only apply if I bought it brand new and makes no difference if the previous owner did not claim ??
<div class='quotetop'>QUOTE(Mark Whaley @ Jul 10 2006, 11:46 AM) [snapback]283966[/snapback]</div> "The credit is only available to the original purchaser of a new, qualifying vehicle. " Here's the IRS page re: hybirds tax credit. http://www.irs.gov/newsroom/article/0,,id=157632,00.html
It only applies if you buy it brand new. You cannot check to see if it was filed. You'd have to access the previous owners income tax papers. The law clearly states only new cars, you must be the first owner.
<div class='quotetop'>QUOTE(Godiva @ Jul 10 2006, 12:58 PM) [snapback]284020[/snapback]</div> Ok, thanks for the info
AND cars originally placed in service before Jan. 1, 2006 got a deduction, not a credit--two entirely different beasties. A credit you just get to whack off from what your total tax bill is (so, for the $3150 2006 Prius credit, if you owe less than $3150 in fed taxes, you only get how much that is,and you wouldn't get to carry the extra over to another year, but otherwise it is the full $3150 you get not to give the government. A deduction works differently and damned if I can explain how, but it was something like a $2000 deduction, which probably would not ever equal $2000 less you would have owed)...but in either case, it is irrelevant whether or not the original purchase claimed credit or deduction--no subsequent buyer gets it. Sorry, but that is why, with the selling prices of new ones being so close to used, so many people chose to go with new.
